When managing the particulars of your all-important inventory, less is often more. In this post we will delve into some ways that reducing inventory can actually make it easier to manage and increase your profits each quarter. Each of these best practices will be easier to execute with the support of a formidable inventory management software and the QuickBooks mobile inventory app.
Look for Fast Suppliers
By working with suppliers who deliver less frequently, you will have to shoulder the burden of a larger inventory. Larger amounts of stock on hand invariably leads to a higher cost for upkeep and maintenance. But by applying the data acquired in your inventory management app you will have a better idea of which inventory items are only collecting the most dust. Then you can find out which suppliers provide these goods with your inventory control app.
By keeping all the information on suppliers alongside a complete record of past purchase orders you will see where improvements can be made. After improving the restocking process with faster supplier-lead times you will find that a more flexible inventory management process is far more efficient.
Optimize Your Purchase Orders
With the right inventory forecasting tools you can adjust your orders to suit the demands as well as your inventory management process. You can optimize both the size of the order as well as the frequency in which you receive them. This way you will always have just the right amount of stock on hand.
This is where a mobile inventory app that can provide alerts when stock levels fall to a pre-decided amount effectively avoiding the occurrence of stock depletion. By making smaller orders more often you will be able to save on inventory costs, especially the problems associated with being overstocked, while always having what you need on hand to offer your valuable clients.
Consolidate Inventory Management
While the inventory is the lifeblood of the retail business, the process is sometimes handled inefficiently. This is especially true for operations being conducted across a good many channels and platforms. Different inventory management plans can be ineffective to govern various products from different locations, and in the end simple inefficiency claims a portion of the profits.
While the need for complex forms inventory management may have been necessary in the past, today all these aspects can be brought together into one unified inventory management model. Software solutions can be applied that include everything you need to run an efficient inventory plan, including the analytics, ordering and forecasting tools.